Overview

America's trade deficit in goods and services narrowed to $55.3 billion in May, from $56.9 billion in April. A $2.4 billion fall in imports of petrol and other industrial goods accounted for most of the improvement. America's deficit in goods alone amounted to $717.9 billion in the 12 months to May.

American companies (not including farms) added 146,000 workers to their payrolls in June. The unemployment rate fell to 5.0%.

The performance of the euro area's industries is still mixed. In Germany, industrial production expanded by 0.8% in the year to May. But it fell at an annual rate of 0.8% in the last three months of that period. In Italy, production shrank by 2.1% in the year to May. French industry regained some ground, growing by 0.3% in May, after falling by 0.3% the month before. But production is still 0.2% lower than a year ago.

Japan's producer prices rose by 1.4% in the year to June. In the second quarter, they rose at an annual rate of 3.5%.

Britain's trade deficit in goods and services narrowed in May to £3.47 billion ($6.3 billion) from £3.7 billion the month before. Its trade deficit in merchandise increased to $111.9 billion in the 12 months to May. Consumer prices rose by 2.0% in the year to June, in line with the Bank of England's inflation target.